New York S 2654: Allows MTA to establish discount fares for full-time undergraduate students

Bill Text

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S02654 Summary:

BILL NOS02654 

&nbsp

SAME ASSAME AS A03221

&nbsp

SPONSORSTEC

&nbsp

COSPNSRBORRELLO, MURRAY, OBERACKER

&nbsp

MLTSPNSR

&nbsp

Amd §§210-B & 606, Tax L

&nbsp

Creates a tax credit for small businesses that sell a certain percentage of products produced in New York state; provides such small businesses include independently or privately-owned cafes, restaurants, eateries, bars, pubs, breweries, distilleries, orchards, food trucks, retail stores, farm stands, hotels, or motels.

Go to top S02654 Actions:

BILL NOS02654 

&nbsp

01/22/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS02654 Committee&nbspVotes:

Go to topS02654 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS02654 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2654

 2025-2026 Regular Sessions

 IN SENATE

 January 22, 2025
 ___________

 Introduced by Sens. STEC, BORRELLO, MURRAY, OBERACKER -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Budget and Revenue

 AN ACT to amend the tax law, in relation to creating a tax credit for
 small businesses that sell a certain percentage of products produced
 in New York state

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 61 to read as follows:
 3 61. Credit for small businesses that sell New York state produced
 4 products. (a) A small business shall be allowed a credit against the tax
 5 imposed by this article if such small business sells a certain percent-
 6 age of qualified products. Such credit shall be computed according to
 7 the following schedule:
 8 (i) Credit of one thousand dollars when five to nine percent of a
 9 qualifying small business' total sales are attributed to the sale of
 10 qualifying products.
 11 (ii) Credit of two thousand dollars when ten to twenty-four percent of
 12 a qualifying small business' total sales are attributed to the sale of
 13 qualifying products.
 14 (iii) Credit of five thousand dollars when twenty-five percent or more
 15 of a qualifying small business' total sales are attributed to the sale
 16 of qualifying products.
 17 (b) For the purposes of this subdivision, the term:
 18 (i) "Small business" shall mean a business which is an independently
 19 or privately-owned cafe, restaurant, eatery, bar, pub, brewery, distil-
 20 lery, orchard, food truck, retail store, farm stand, hotel, or motel.
 21 (ii) "Qualified product" shall mean a product which is grown, brewed
 22 or distilled in New York state and such products shall include:
 23 (A) beer, wine, spirits, and ciders;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03715-01-5

 S. 2654 2

 1 (B) agricultural ingredients, including but not limited to wheat,
 2 barley, hops, apples, pumpkins, corn, cabbage, berries, soybeans, maple,
 3 or any item used for menu items;
 4 (C) dairy products, including but not limited to milk, cream, butter,
 5 and cheese; or
 6 (D) meat products, including but not limited to beef, chicken, and
 7 pork.
 8 (c) The credit allowed under this subdivision for the taxable year
 9 shall not reduce the tax due for such year to less than the amount
 10 prescribed in paragraph (d) of subdivision one of section two hundred
 11 ten of this article. However, if the amount of credit allowed under this
 12 subdivision for the taxable year reduces the tax to such amount or if
 13 the taxpayer otherwise pays tax based on the fixed dollar minimum
 14 amount, any amount of credit thus not deductible in such taxable year
 15 shall be treated as an overpayment of tax to be credited or refunded in
 16 accordance with the provisions of section one thousand eighty-six of
 17 this chapter. Provided, however, the provisions of subsection (c) of
 18 section one thousand eighty-eight of this chapter notwithstanding, no
 19 interest shall be paid thereon.
 20 § 2. Section 606 of the tax law is amended by adding a new subsection
 21 (qqq) to read as follows:
 22 (qqq) Credit for small businesses that sell New York state produced
 23 products. (1) A small